Las Vegas Sands Corp (LVS) closed the third quarter of 2025 on a high note, propelled by record-setting performance from its Singapore flagship, Marina Bay Sands (MBS), while taking steps to rebuild market strength in Macau. Company executives, including Chairman and CEO Rob Goldstein and President and COO Patrick Dumont, celebrated a “historic” quarter that underscored the firm’s dominance in Asia’s casino market but acknowledged that its Macau business still has ground to recover.
Marina Bay Sands Delivers Industry-First Results
Singapore remained the centerpiece of LVS’s 2025 success story. MBS reported US$743 million in adjusted property EBITDA for the third quarter—up 83% from the same period last year and driven largely by mass gaming and slot revenue, which hit a record US$905 million. This figure represents 122% growth over 2019 levels and a 35% increase year-on-year, making MBS one of the highest-earning casino properties globally.
“We had forecast that MBS could do US$2.5 billion annually,” said Goldstein. “It turns out we were too conservative and we could easily extend that in 2025.” He noted that the property has already generated more than US$2.1 billion in EBITDA this year, with one quarter still remaining. “The operating performance of MBS is unprecedented in the history of our industry,” he added.
The strength of Singapore’s mass-market segment has been pivotal, supported by a surge in luxury tourism and high-value visitors. Dumont credited this to “high-quality investment in market-leading product and the growth in high-value tourism,” emphasizing that the benefits of MBS’s recent redevelopment are only beginning to surface.
MBS’s success comes amid a broader transformation, as the company broke ground in July on Marina Bay Sands 2.0, a US$8 billion expansion expected to open in January 2031. The new development includes a 55-story tower with 570 suites, expanded gaming areas, new retail and dining options, and a 15,000-seat arena designed to position MBS as a global entertainment destination.
Macau Recovery Strategy and Market Adaptation
While Singapore’s momentum continues to exceed expectations, LVS’s Macau operations remain a work in progress. The company’s Macau portfolio produced US$601 million in EBITDA in the third quarter—an improvement from the June quarter’s US$566 million, though below the levels seen before the pandemic. Revenue from Macau reached US$1.9 billion, up 7.5% year-on-year and 6.1% quarter-on-quarter, led by strong performances at The Londoner Macao, which saw revenue rise nearly 49% compared to the previous year.
Goldstein admitted that the company had previously “underperformed in the Macau market for the past few years,” acknowledging that relying on property upgrades alone was not enough. “We believed that our buildings would be enough to compete favorably. We were wrong,” he said.
The company has since restructured its Macau strategy, with Dumont confirming adjustments to reinvestment rates and a renewed marketing approach. These changes have already paid off, with LVS’s mass-market revenue share increasing to 25.4%, up from 23.6% earlier in the year.
According to Asia Gaming Brief, Sands China CEO Grant Chum said the group is now “outgrowing the market in mass Gross Gaming Revenue for the first time in a long time,” highlighting the success of the recently completed Londoner grand rooms and suites. Goldstein identified the Parisian Macao and Sands Macao as areas needing improvement, while The Londoner continues to strengthen, moving toward “one plus billion dollars of EBITDA.”
Despite the lingering effects of Typhoon Ragasa during the Golden Week holidays, which reduced earnings by roughly US$20 million, Goldstein expressed confidence in achieving LVS’s Macau EBITDA goal of US$2.7–US$2.8 billion. “You need market growth, which you’re experiencing, thankfully, in Macau… It’s critical to the market growth. That’s essential for all of us,” he said.
Beyond property performance, LVS continues to prioritize shareholder value. Dumont described the company as “a capital allocation story,” citing the 20% increase in quarterly dividends for the 2026 calendar year—rising to US$0.30 per share, or US$1.20 annually.
The firm also repurchased US$500 million of its own stock during the quarter and an additional US$337 million of Sands China shares, lifting its stake in the subsidiary to 74.76%, just shy of the regulatory ownership ceiling.
Goldstein said the company’s focus remains on leveraging the strength of Singapore while ensuring Macau regains momentum. “We remain enthusiastic about our growth opportunities in both Macau and Singapore as we realize the benefits of our recently completed capital investment programs,” he stated.
